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Congress Avoids the Cliff by Selling Us Down the River

Derek85 Wrote: Jan 06, 2013 12:15 AM
The Republicans were exposed as a fraud. Boehner pretended he could not pass "Plan B" and then overwhelmingly passed something 1000 times worse. The Republicans have now voted in favor of the largest tax increase in American History. Now they will have to fold on incresing the debt limit and the seqester. If they don't, Social Security checks will stop and Obama will blame them.

With the possible exception of the New York Times' editorial board (and the cast of The Jersey Shore), everyone on the planet understood that the United States Government needs to cut spending, increase taxes, or both. Instead, after months of political posturing and hand wringing, the Federal Government has just delivered the exact opposite, a deal that increases spending and decreases taxes. The move lays bare the emptiness of budget legislation, which can be dismantled far easier than it can be constructed.

One question that should be now asked is whether Moody's Research will finally join S&P in downgrading the Treasury...